While the Venezuela military action doesn't affect trade substantially, a panel of experts said the fallout with regard to President Donald Trump's comments about Greenland afterward could "blow up the U.S.-EU deal."
President Donald Trump said on social media Jan. 12 that he will, “[e]ffective immediately,” impose a 25% tariff on “any Country doing business” with Iran. The tariffs will cover “any and all business being done with the United States of America,” he said.
A Danish member of the European Parliament from an eco-socialist party called the Red-Green Alliance is pushing for the parliament to halt consideration of a legislative package that would drop tariffs on American industrial goods and give U.S. agriculture more access to the EU market.
Despite continued aggressive rhetoric around trade policy, tariff levels heading into 2026 are likely to stabilize as the Trump administration pivots to affordability issues, according to Flexport executives speaking during a Jan. 8 webinar on tariff trends.
Rep. Max Miller, R-Ohio, has introduced a bill that would reduce or waive tariffs on some imports for manufacturers who qualify for new general import licenses.
Sen. Lindsey Graham, R-S.C., issued a statement Jan. 7 saying that he hopes there will be a vote on the Russia sanctions bill (see 2512190029 and 2601050050) "as early as next week."
The African Growth and Opportunity Act and the Haiti Economic Lift Program Extension Act (Haiti HELP) are scheduled to get floor votes next week through the suspension of the rules, which requires a two-thirds majority for passage. Both trade preferences expired Oct. 1.
Former House Speaker Paul Ryan, a Republican and self-proclaimed free trader, said the president should lose in the Supreme Court on his use of the International Emergency Economic Powers Act to impose tariffs.
President Donald Trump, in a lengthy pep-talk to House Republicans about how to win the midterms, said that his threats of tariffs caused drug companies to lower prices in the U.S., as European countries agreed to pay more for the same medicines.
The following lawsuits were filed at the Court of International Trade during the week of Dec. 29 - Jan. 4: